The BRICS Business Council made several recommendations in its annual report to further enhance economic ties among BRICS countries over the next decade.
The Council pledged to drive trade and investment promotion across all sectors to contribute towards the fair-trade balance and inclusive trade practices.
It further recommends building an inclusive and diverse environment to provide opportunities for small and medium-sized enterprises in BRICS nations and the African continent.
The BRICS Business Council recommends that trade barriers within specific industries be identified and overcome through multilateral or bilateral solutions.
Business Council on Intra-BRICS trade
It also proposes developing a partnership towards an equitable just transition through the establishment of the BRICS Centre of Excellence in Africa.
Chairperson of the SA BRICS Business Council, Busi Mabuza, says the council encourages investment flows that benefit all the BRICS economies.
“We believe that we haven’t made a dent in terms of our market share in those economies. So, the discussion on trade into the BRICS nations in agribusiness has been fantastic. Energy solutions inbound into the country and into the continent, we have nations that have the technologies, both renewable and the old technologies but we want the investment here because this is where the supply deficit is being experienced and is hitting us.”
The council signed an Intra-Working Group memorandum of understanding (MOU) aimed at facilitating improved collaboration and exchange of ideas among the working groups.
The Commercial MOU between South Africa and China is expected to boost commercial ties, generate business opportunities and promote mutual growth between the two countries.
Mabuza says other focus areas include transforming education and skills development for the future and unlocking the opportunities in the African Continental Free Trade Area.
“African leaders from business were here with us participating in every single event, and I believe that we are talking with one voice. There’s a common agreement that we must bring industrialization into our continent rather than export raw materials. There’s common agreement that we have so much to offer, and that we need to make sure that our partnerships talk to mutual benefit.”
The BRICS Business Council emphasized that fostering regulatory harmonization to increase trade between member countries is critical.
